The Nigerian Export Import (NEXIM) Bank, in collaborat-ing with the Central Bank of Nigeria (CBN), plans to bail out stagnant industries in Kano, with the disbursement of N500 billion Export Development Fund.
The aim is to inject various export development funds, ranging from N10 billion and above to the stagnated industries to enable them resume operations at optimum capacity.
NEXIM has also provided another N50 billion to drive agric revolution across the 36 states, including Abuja.
NEXIM Bank’s Managing Director/CEO Abba Bello, who stated this while on a visit to the Challawa, Bompai and Sharada Industrial areas of Kano State, at the weekend said the funds were to bail out industries that are export-oriented.
’’This would be in accordance with the policy objectives of the Federal Government that mandated NEXIM Bank and CBN to support and encourage exports and competitiveness among Nigerian Industrialists,” he said. He added that the N50 billion is meant to encourage states to select one of their favourable crops, which would qualify them to access N1 billion to boost agricultural activities in their respective states, including Abuja.